NY’s Upstate Revitalization Initiative under scrutiny for awarding funds to projects that don’t make it to implementation

In New York state, the $500 million NY’s Upstate Revitalization Initiative under scrutiny for awarding funds to projects that don’t make it to implementation is under fire for awarding up to, but never having paid, $1.3 million to Florida-based shell company SR Energy who sought to build a 70 million gallon wood-based ethanol plant in Oswego County. The company had no track record, and as the project quickly fell apart, the award is being scrutinized for potentially being reckless with public funds but state authorities say working with unproven companies is part of the program and public funds are not at risk because they are only paid out upon completion of a project.